Acko is a new age online insurance policy provider with its entire operations offered through the digital platform. It operates a website that provides information about insurance.
Acko provides innovative products with personalized pricing based on customer behaviour and data analytics.
Acko was founded in Nov 2016 by Varun Dua and is based in Mumbai, Maharashtra, India.
Acko offers information in the areas of car insurance, two wheeler insurance, general insurance, driving license, RTO, and traffic rules and violations.
Acko has built its business on two fronts up to now. A direct to consumer offering sells automotive insurance for people insuring for themselves, a business that has now insured some 200,000 cars. It also works with third parties to provide what was described to me as “microinsurance” products around other companies’ services.
Acko also offers innovative and bite-sized insurance products such as rider insurance, mobile and appliance protection, ticket cancellation, etc., and has partnered with more than 15 consumer internet players including Ola, Amazon, redBus, Zomato and UrbanClap. The company claims to have distributed insurance policies to over 20 million unique customers after 12 months of starting operations.
Acko is backed by Amazon, Accel Partners, SAIF Partners, TechPro Ventures, Binny Bansal, Co-founder and former CEO of Flipkart, Ascent Capital, RPS Ventures and others. The company raised $36M ($20M from Binny Bansal and $16M from Ascent Capital) from a latest financing on Nov 28, 2019. The latest round brings Acko's total funding to $143M to date.
ACKO General Insurance has won the Golden Peacock Award for innovative product and service and has been featured in Business Today Coolest Startups List and LinkedIn’s top 25 startups in India list.